UBS says to settle FX probe, pay $545M, plead guilty over Libor

Published 1:36 AM ET Wed, 20 May 2015
Reuters

UBS said on Wednesday it has settled a probe by U.S. authorities over alleged rigging of currency markets by agreeing to pay $545 million in combined fines and pleading guilty to one count of wire fraud in a separate matter.

The Swiss bank's disclosure comes as part of what is expected to be a combined bill of more than $5 billion and criminal charges for five of the world's biggest banks in a settlement with U.S. and British authorities over the foreign exchange probe.

Chris Ratcliffe | Bloomberg | Getty Images

UBS said its settlement includes pleading guilty to allegations it rigged Libor benchmark interest rates.

"The conduct of a small number of employees was unacceptable and we have taken appropriate disciplinary actions," Zurich-based UBS' Chairman Axel Weber and Chief Executive Sergio Ermotti said in a statement on Wednesday.